T Nation

How Your Bailout Money is Spent

The article below from Fox News. The full article with copy of the hotel bill is available at:

http://www.foxnews.com/story/0,2933,434223,00.html

AIG Draws Fire for Executives’ $440,000 Post-Bailout Retreat at Posh California Resort

WASHINGTON �?? Less than a week after the federal government had to bail out American International Group Inc., the company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company’s meltdown said Tuesday.

The tab included $23,380 worth of spa treatments for AIG employees at the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy.

The retreat didn’t include anyone from the financial products division that nearly drove AIG under, but lawmakers were still enraged over thousands of dollars spent on catered banquets, golf outings and visits to the resort’s spa and salon for executives of AIG’s main U.S. life insurance subsidiary.

“Average Americans are suffering economically. They’re losing their jobs, their homes and their health insurance,” House Oversight Committee Chairman Henry Waxman, D-Calif., scolded the company during a lengthy opening statement. “Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation.”

Wow, that’s fucked up.

I’m so surprised!

Two years from now, we’ll be watching hearings on the 2008 Bailout Scandal. And Barney Frank will be blaming Republicans again.

Wasn’t there an historical precedent set (I think in Rome?) of people partying while everything around them was crumbling?

Mufasa

Obama brought this up in the debate last night.

Makes me ill.

I can’t comprehend the level of greed these guys must have.

Why shouldn’t they celebrate?